https://www.taxtmi.com/caselaws?id=457714 Delayed realisation of export proceeds under the Foreign Exchange Regulation Act was examined against the exporter's efforts to recover payment. The materials showed ultimate receipt of the proceeds during the adjudication proceedings, repeated reminders to overseas buyers, correspondence with the authorised dealer, and attempts to obtain extension of time. On those facts, the exporter's conduct was treated as consistent with reasonable and prudent efforts, and the delay was not regarded as wilful default or lack of due diligence. The resulting finding of contravention under section 18(2) and section 18(3) was therefore unsustainable, and the penalty was liable to be set aside. en-us Fri, 10 Oct 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457714 Delayed realisation of export proceeds under the Foreign Exchange Regulation Act was examined against the exporter's efforts to recover payment. The materials showed ultimate receipt of the proceeds during the adjudication proceedings, repeated reminders to overseas buyers, correspondence with the authorised dealer, and attempts to obtain extension of time. On those facts, the exporter's conduct was treated as consistent with reasonable and prudent efforts, and the delay was not regarded as wilful default or lack of due diligence. The resulting finding of contravention under section 18(2) and section 18(3) was therefore unsustainable, and the penalty was liable to be set aside. Case-Laws FEMA Fri, 10 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457714